Bitcoin hits new all-time high as Donald Trump nears White House
All signs are pointing to a victory for Republican Donald Trump in the US presidential election and the price of bitcoin (BTC) has hit a new all-time high. Multiple altcoins have also rallied.
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All signs are pointing to a victory for Republican Donald Trump in the US presidential election and the price of bitcoin (BTC) has hit a new all-time high. Multiple altcoins have also rallied.
On Wednesday morning, BTC tested the $75,000 level, smashing its previous record of nearly $74,000 with an increase of more than 8% in a single day. Since then, the price has fluctuated between $74,000 and $75,000. Trading volume more than doubled in a day, surpassing $80 billion on exchanges alone.
Prices have risen as expected, with industry analysts estimating that Trump will be a crypto-friendly president. The Republican candidate embraced the crypto industry this year and reversed his stance on bitcoin, becoming an advocate for the technology.
Additionally, he and his family members have promoted the World Liberty Financial project, though it has not been very successful so far.
Meanwhile, the market is also reacting to shifts in the House of Representatives and the Senate, where crypto-friendly Republicans are gaining influence. Here’s the current composition of Congress according to data from Stand With Crypto:
The US crypto industry, considered the largest in the world, anticipates that the new administration will halt the US Securities and Exchange Commission (SEC) investigations into these companies. Trump has promised to fire the SEC chairman, Gary Gensler. Additionally, new, more favorable legislation is expected across various areas of the industry.
In any case, the majority of crypto assets are on the rise today. While ethereum (ETH), the second-largest cryptoasset, is outperformed by BTC (+7%), the best performer among the top 10 coins is dogecoin (DOGE). It surged 23% in a day, with speculators anticipating that Donald Trump supporter and Tesla CEO Elon Musk will now promote his favorite token even more. Musk, who advocates for increasing government efficiency, often uses the D.O.G.E. abbreviation, which he says stands for "Department of Government Efficiency."
However, analysts warn that prices can still move sharply in both directions.